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Mumbai's residential rental second highest in Asia

Mumbai's residential rental second highest in Asia

Apnaloan.com Research Bureau

17 Apr 2008

The rise in the Mumbai's residential rental is the second
highest in Asia according to a report by Hong
Kong-based HR consultancy major ECA International.

According to the report, Mumbai recorded second
highest annual growth of 21 per cent in residential rental after 33 per cent
for Singapore
in 2007.

Mumbai is now, Asia's
third and the world's sixth most expensive location to rent a three-bedroom
apartment.

Mumbai is now more expensive compared to other
cities such as Seoul, Singapore,
Paris, Shanghai, Dubai, Beijing, St Petersburg, and Amsterdam.

According to ECA, New Delhi,
the second costliest city in India
is Asia's ninth and the globally ranks 22nd in
terms of residential rentals.

Singapore witnessed
the highest increase in Asia with the
residential rental rates for a three-bedroom apartment increased by more than
30 per cent from 2006 to 2007. The city is now the fifth most expensive
residential location in Asia, after Hong Kong, Tokyo,
Mumbai and Seoul.

Hong Kong also tops the global ranking in terms of
residential rentals, followed by Moscow, New York NY, Tokyo, London, Mumbai, Seoul, Caracas and Singapore.

According to ECA, the high rental prices in Moscow, New York, Tokyo, London and Seoul reflect high living costs in these locations and in
Mumbai and Ho Chi Minh City,
increasing demand has boosted the prices.

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